Regulatory compliance is a huge concern for companies in many industries, but the cost of failing in compliance efforts can be an even higher concern. Penalties, fines, loss of business, loss of client confidence, and even outright theft of confidential financial information can quickly add up and take a heavy toll on your business.
Increasingly, document management strategies are found at the center of compliance efforts. Since so many of these regulations are targeted at ensuring security and privacy of personal information, having the proper strategy in place is crucial. Implementing a responsible approach to document management not only makes compliance easier, but also ensures that companies are adequately protecting their customers’ information.
Look no further than the healthcare industry to get an idea of the adverse effects of a poor document management strategy. According to research from Protenus and DataBreaches.net, more than 5.6 million Americans experienced a medical records breach in 2017.
Recently, Arkansas-based software provider MedEvolve experienced a data breach that exposed the information of 200,000 patients. Tabor Orthopedics in Tennessee was hacked, leaving its patients exposed to potential identity theft. Children’s Mercy Hospital in Missouri was the target of a phishing attack that exposed the health records of 60,000 patients. The hospital is now the subject of a class action lawsuit. And massive health insurance company, Anthem, had a breach in 2015 that exposed 80 million patient records.